Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco, has made a new investment in Norwegian artificial intelligence (AI) firm Earth Science Analytics.
The investment comes as a part of the ongoing Series A round by Earth Science Analytics, which specializes in AI software for the petroleum geoscience sector.
The startup already seems to have done a pretty neat job wooing the global investors-community by providing state-of-the-art software solutions that enhance the operational efficiency of enterprises dealing in the petroleum geoscience sector.
Dubbed EartNET, the company’s cloud-based software platform empowers clients to predict rock and fluid properties in the subsurface a lot quicker, more accurately, and in a much more affordable manner. This, in turn, makes the otherwise time consuming and tedious process of oil and gas exploration and production more profitable.
Explaining the logic behind the VC firm’s decision to invest in the Norwegian firm, Caroline Svae of SAEV commented: “We are very excited to have completed this investment in Earth Science Analytics. This is a company with an impressive team, and we believe that their technology could transform the way the oil and gas industry predict and model subsurface reservoir properties, including uncertainty and risk assessment”.
Meanwhile, Eirik Larsen, CEO of Earth Science Analytics, stated that the newly raised fund from SAEV will help the startup to expedite product development and enhance sales figures on a global scale.